Broadcom, Inc (AVGO)
Today’s Chart of the Week might be a make or break pick for the market as a whole.
We’re looking at Broadcom, Inc (AVGO) on the Nasdaq.
Tech stocks (and semiconductors in particular) are at a critical level.
And since the Nasdaq is really the only index making new highs, it’s safe to assume that if tech and semiconductors are going to rise, they’ll be led by Nasdaq stocks.
That’s why we’re going with AVGO.
There’s great risk to reward in our favor, so as long as we are above 470, I love this stock up until the 590 level for our profit target.
Below 470, we’re just watching, but above 470 we are long.
It also helps that AVGO is in talks to acquire privately-held software company SAS Institute, but that’s just a bonus.
Til next week, good trading,
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